This extensive guide will help you to understand why knowing sports betting odds is such a crucial thing for becoming a smart bettor. This guide will help the new bettors as well as those who want to polish their strategy.
Introduction
Odds in sports betting represent the probability of an event occurring and the potential pay-out if it does. Odds may be listed in three different formats: Decimal odds display your total potential pay-out, including the Initial stake. Fractional odds show the potential profit relative to your stake.
Simply put, the greater the odds against a team, the larger the pay-out will be for anyone who bets on that team and wins. For example, 7 to 2 odds mean that for every $2 you wager, you could win $7 if your bet is successful, while 5 to 1 odds mean you could win $5 for every $1 you bet.
CONTINUE READING: The Ultimate Beginner’s Guide to Betting on MLB
For Example:
So let’s start with a money line that’s a straight bet where you are simply choosing winner of said game. the over/under are the total points in a game that are predicted to possibly be scored; you choose either more or less. Lastly, there is going to be the spread, which is a little more confusing
If a team has a positive spread, they are the underdogs; taking it gives you better odds of a payout. If a team has a negative spread, they are favoured to win, but taking a negative bet produces a smaller payout. Betting on the spread of a game doesn’t necessarily mean choosing the winner; rather, it means betting on how close or far the margin of the game is going to be.
Now you can make any of these bets by themselves, or you can combine them with other bets usually player outcomes, it multiplies your odds and give you a much better pay-out, but you just hit all the bets, this is called a parlay
Types of Odds
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and moneyline (American) odds. These formats are alternate ways of presenting the same thing and have no difference in terms of payouts.
Fractional (British) odds
Fractional odds are also known as British odds, UK odds, or, in that country, traditional odds. They are typically represented with a “/” but can also be represented with a “-“,
For example:
A fractional listing of 6/1 (six-to-one) odds would mean that you could win $6 for every $1 you wager as well as get the amount you wagered back. In other words, 6/1 is the ratio of the potential profit to the initial bet
Conversely, fractional odds of 1/5 would mean for every $5 you bet, you would only win $1 plus your original stake back.
How to calculate
Denominator / (Denominator + Numerator). Example: 2 / (2 + 5) = 0.285 (or 28.5 %).
Decimal odds
Decimal odds are expressed as a number followed by a decimal point and then a number.
Decimal odds are favoured by betting exchanges because they are the easiest to work with for trading, as they reflect the reciprocal of the probability of an outcome
For example:
2.5 would be expressed as 2.50 in decimal odds. The number after the decimal point is how much you will win if you bet $100 on that outcome.
How to calculate
calculate decimal odds, you can use the equation Payout = Initial Wager × Decimal Value.
Moneyline Odds
Moneyline in sports betting works by odds being assigned to both teams or players in a sporting event, reflecting the likelihood of them winning. Using a minus to indicate the favourites.
For example:
f Team A (the favourite) is -150, you’d need to bet $150 to win $100 if they win.
How to calculate
Pays +X” (moneyline odds) means that the bet is fair if the probability is p = 100 / (X + 100). “pays −X” (moneyline odds) means that the bet is fair if the probability is p = X / (X + 100).
Betting odds calculator
Features:
- Does Converting between American, Decimal, and Fractional odds
- Calculates odd-based probability
- Simple and quick interface
AceOdds Calculator
Features:
- Handles complex bets (accumulators, each-way, Trixie, etc.)
- Converts odds formats
- Allows you to personalize stakes and view profit
The Action Network Odds Calculator
Features:
- Convert and calculate payouts
- Super clean layout
- Helps you with quick calculation from American to decimal
Covers.com Odds Calculator
Features:
- Switches odds formats
- Computes pay-out and estimated probability
- Good for those who are just starting out.
Connection between Odds and Probability
Odds and probability are both used to express the likelihood of an event occurring in the context of gambling. Probability is expressed as a percentage chance, while odds can be presented in a few different formats, such as a decimal, fraction, or moneyline.
For example for an event that is 40% probable, one could say that the odds are “2 in 5”, “2 to 3 in favor”, “2 to 3 on”, or “3 to 2 against”.
Common Beginner Mistakes
No Bankroll Management
Not managing your bankroll is one of the common sports betting mistakes that new and expert punters make. Before starting your sports betting career, you must learn bankroll management techniques
Chasing Losses
Chasing losses involves placing sports bets to make up for the lost money. This is a common phenomenon among bettors, even though it is discouraged.
Ignoring the Best Odds
There is a great variation in odds offered by different sportsbooks, and if you fail to consider this fact, then you are not taking full advantage of your bets. Betting with poor odds adds up to more losses over time. Betting on unfamiliar sports.
Bets Under an Influence
The world of sports betting requires a sober mind. That is why it is highly discouraged to bet under the influence of emotions or alcohol. Doing so always leads to errors, that is, if you decide to do research
Having Unrealistic Expectations
New bettors have lofty expectations when they first start betting. Everyone wants to gain prosperity quick overnight and win 70% of their bets or hit a 1,000-1 parlay, but that’s just not realistic. Having unrealistic expectations is one of the common sports betting mistakes
Too Many Bets
Bettors love to bet. But being just for the sake of having action is never a good thing. Betting 10 or 15 games per night is dangerous. You are taking massive risk and one bad night can decimate your bankroll
ALSO READ: Uncover i-Gaming NBA Betting Strategies for 2025: Tips and More
Odds and Betting Strategies
Arbitrage betting and how odds make it possible
Arbitrage betting involves placing bets on all possible outcomes of a sports event with different bookmakers to ensure a guaranteed profit.
Arbitrage opportunities are found when oddsmakers disagree on the probabilities of outcomes. For example, in a two-outcome event (like a tennis match), if one bookmaker offers odds of 1.80 on Player A and another offers 2.40 on Player B, this creates an opportunity for arbitrage
Hedging bets using odds
It referred to the hedging of a bet by taking out smaller bets with other lenders. Illustrating the strategy of playing it safe by not putting all of your money or resources into a single outcome. For example, after betting on Team A, they might bet on Team B to win. This additional bet is typically placed at different odds than the original bet.
FAQs
- How do sports betting odds work for beginners?
The more likely the outcome, the shorter the betting odds. The less likely, the higher the offer.
- Why do sports betting odds keep changing?
Bookmakers need to change their odds in order to balance their books.
- How can I tell if odds offer good value?
If you think it has a 90% chance of winning then the odds are good value.
- Are higher odds better in sports betting?
higher odds represent a rarer event but a higher potential reward if it comes through.
- How do I convert fractional odds to decimal or American odds?
The formula to convert fractional odds to decimal is as follows: (numerator/denominator) + 1 = decimal odds
Final Thoughts
Its really smart move to firstly learn about betting odds . If its American, Decimal and Fractional by knowing how they work will really you a edge. As you start your betting journey don’t think odds are just numbers they can help you with real time information, market sentiment and risk. Learn to read them follow movements and compare them among other sportsbooks.
Courtesy: https://www.covers.com/, https://www.oddsshark.com/
